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Questions and Answers
Which organization administers the Employees’ Compensation Program for public sector workers?
Which organization administers the Employees’ Compensation Program for public sector workers?
- SSS
- RA 8291
- PAG-IBIG
- GSIS (correct)
What is the main function of PAG-IBIG?
What is the main function of PAG-IBIG?
- Provide social security protection
- Implement various programs for economic development
- Promote homeownership and provide financial assistance (correct)
- Administer the Employees’ Compensation Program
Who does SSS provide social security protection to?
Who does SSS provide social security protection to?
- GSIS members
- Private sector employees, self-employed individuals, and voluntary members (correct)
- Low-income individuals and families
- Public sector workers
What is the significance of PAG-IBIG in economic development?
What is the significance of PAG-IBIG in economic development?
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What is the governing and policy-making body of GSIS?
What is the governing and policy-making body of GSIS?
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Study Notes
Overview of Philippine Non-Bank Financial Institutions
- The Philippine non-bank financial institutions are essential components of the finance sector, providing services beyond traditional banking.
Pag-IBIG Fund
- Established on June 11, 1978, by Presidential Decree No. 1530, under President Ferdinand Marcos.
- Aims to promote savings and provide affordable housing for Filipinos.
- On March 1, 1979, Executive Order No. 527 transferred the Fund's administration to the National Home Mortgage Finance Corporation.
- Executive Order No. 538, issued on June 4, 1979, merged various funds for private and government personnel, creating the Pag-IBIG Fund as it is known today.
Social Security System (SSS)
- Initiated on September 1, 1957, to provide social security benefits for employees in the Philippines.
- Operates primarily through two programs:
- Social Security program, offering financial protection for workers during retirement, disability, and unemployment.
- Employees’ Compensation program, providing benefits for work-related injuries or illnesses.
Role of SSS in National Development
- Acts as a catalyst for national growth by facilitating access to loans for developmental projects.
- Stimulates business activities through financial assistance and services to members.
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